Seeking Insurance Underwriting Opportunities in Canada

[questionquest74]

Hi Everyone,

I am an Insurance professional with 6.5 years of experience and MBA in Finance in the Indian Insurance Industry. Recently, I shifted to GTA, Canada permanently and am seeking career advice to pursue my career in underwriting here. I have done some research and saw Ontario Graduate Certificate- Insurance Management- Property and Casualty from Humber College, CIP Programs and CRM Programs but don't know which one to pursue. I have tried applying for Junior / Assistant Underwriting Positions but did not even get a response. Please guide me through this, I would appreciate your kind guidance.

 

[sovereignone]

@caowen Could you explain how the course would help with an entry level role? Isn't the whole point of an entry level role that you generally don't require prior experience or training because it's usually offered?

Like I said, I've been doing this 8 years. I basically walked in off the street and was provided with in-house training to get all of my licenses. I would kick myself if I paid for anything out of pocket prior to getting that job and finding out they take care of it.

 

[caowen]

@sovereignone The programs help with networking and getting you access to insurers looking for underwriting positions. Experience is helpful but it does not always “count” in the same way that Canadian experience does, unfortunately.

 

[sovereignone]

@caowen Right, and I get that, but you said it's a great way to "break into" the P&C space and "may help with entry level roles." How would that be any more helpful than going the route that I and many others did for breaking into the P&C industry at an entry level, which is simply applying for entry level positions?

I could see the benefit in networking if OP was fine with biding their time for an underwriting opportunity to arise through their networking, but that's not a guarantee and OP seems like they'd like to get into the industry sooner than later.

I just don't see the benefit of shelling out money to break into an industry at an entry level is all. I didn't and plenty of my colleagues didn't.

 

[jamestw]

@sovereignone I'd say you're correct on going to college to get into an entry level position is a waste of time and money. I work in the p&c industry now and my background was engineering... Many colleagues at the entry level also have zero background in finance, insurance, or even any form of higher education at all. Apply as many places as you can and start working I'd say.

 

[sovereignone]

@caowen I also just wanna add, looking at the program page on Humber's site they have a student profile:

https://international.humber.ca/blo...n-at-home/student-profile-praisel-jegede.html

Looking this kid up on Linkedin, he graduated the program in 2019, did his internship at Crawford, went a couple other places in roles that may not have been related to his program, and is once again an adjuster Sedgwick. 4 years on he's still in what would be an entry-level position at many insurers.

I also can't find any tuition info on Humber's own site (naturally), but this site suggests the cost might be in excess of $17K:

https://www.hotcoursesabroad.com/st...t-property-and-casualty/57022648/program.html

I just don't think paying that kind of money makes sense in this case. Apply at an insurer, any insurer, start getting actual experience and get them to pay for your CIP as you work your way up.

 

[questionquest74]

@sovereignone Sir

Thank you so much..I have decided to give myself a month to land a job in Insurance. If I do not get it then I am thinking of enrolling myself in Humber College to pursue P&C course in September.

Sir you think I am doing the right way ??

 

[sovereignone]

@questionquest74 I don’t know what the job market is like in your area, you may want to allow yourself more than a month.

I can’t say what’s right or wrong. There may be benefit to you in that program. Speaking from my own experience, I don’t see value in shelling out the money if it’s not guaranteeing you an elevated role.

 

[questionquest74]

@sovereignone Hi Sir

Yes, the job market is indeed the same everywhere, especially in GTA. I am trying my best but I am like what else to do, since the career gap after my previous job is just extending more & more.

I just want to use my time wisely & pickup something that may add value addition to pursue my career here.

I would appreciate your expertise to help me shape my career. Thank you in advance.

 

[jamestw]

@questionquest74 Apply to any insurers you can to become a licensed agent. Once you become an agent.some insurers will help pay for you to work towards gaining a CIP, and they may have internal transfer opportunities to become a junior UW once you've got some experience. I really don't see how ANY Ontario college program based on insurance specifically.would help you get into that kind of role. Maybe a finance oriented Ontario college diploma may help reinforce your current Indian credentials, maybe not. Hard to say.

 

[sovereignone]

@questionquest74 I doubt you'll walk into an Underwriting position without prior experience in the Canadian insurance industry.

Each of those programs has value, I'm sure, and I'm currently halfway through the CIP designation myself but I'm also 8 years into this as a career and waited until late 2022 to start my CIP.

Reading through the Humber program, it seems to call out preparing you for entry level, management career paths.

It does seem like some of this program may count towards an eventual CIP designation if you decided to pursue that.

I don't think the CRM would be an ideal program to pursue first. I know some people will pursue it after completing their CIP, but generally only if you wanted to work in a risk manager role as it seems to be very specialized.

You're looking at 3 semesters with Humber, or probably 2 and half years for your CIP if you do one course a semester, which they recommend.

I would just apply at insurers. Once you have your foot in the door, depending on how they regard your experience you may be able to move in Underwriting quickly and they may pay for your education (in which case I would pursue CIP if it was me.)

 

[questionquest74]

@sovereignone Hi,

Thank you so much for your detailed guidance. I really appreciate as I got insight. I was in the impression that my Indian Work experience would help me get job in Canadian Insurance Industry, but my application has been rejected by most of the companies I have applied to, so I thought maybe getting a Canadian Education may help me get the job. So Can you please guide me on what position and role I can apply to enter the industry as Humber College program is due in September and I don't want to waste my time for the rest of the months.

Thank you So Much Sir !!

Have a Great Day ahead !!

 

[sovereignone]

@questionquest74 I mean I don't know how policies are structured in India. I would've thought the basic concepts of insurance are pretty standard, but I deal with a lot of newcomers (not just from India) who seem completely baffled by our insurance system, so I wouldn't assume that experience would necessarily translate.

Basically any entry-level position that gets your foot in the door would be better than nothing. A role as an agent or broker would seem the most direct path to underwriting rather than starting as an adjuster.

 

[questionquest74]

@sovereignone Hi Sir,

Ok Sir, noted. Thank you so much for your kind guidance Sir. I appreciate your detailed insight on everything I asked.

Thank you again !

 

[sovereignone]

@questionquest74 Just to go back to your original post, you mention an MBA in Finance but what's your experience in property & casualty insurance? What roles or titles did you hold in those 6.5 years? What would you say is your knowledge/familiarity with home and/or auto insurance in Canada, or specifically Ontario as it relates to auto insurance?

 

[questionquest74]

@sovereignone Hi Sir,

I initially started my career as Relationship Manager for Nationalised Bancassurance vertical in India where I was responsible for insuring loans provided to customers with Auto, Property ,Education & Health Insurance. Also, I was responsible to insure commercial accounts of the banks as well including Liability Insurance. I was Senior Manager in my last firm where I handled Sales Team and also worked as an Assistant Health Underwriter in the particular zone.

For Canadian knowledge of Insurance industry, I am upgrading my knowledge by reading several online materials and also referring to some books. Kindly let me know Sir if I can read some particular books or material to upgrade myself in Canadian Insurance Industry.

Thanks & Regards !!

 

[sovereignone]

@questionquest74 So unless I'm misreading I don't really see anything that is specifically P&C related. A lot of parallel or adjacent experience, some overall risk assessment experience, but a lot of loan and health underwriting it sounds like. Am I correct or off base?

I've only ever worked for one insurer, so I could be wrong here but I think generally they're gonna wanna hire internally for an underwriting position, as you'd already be familiar with their underwriting rules and products overall. For someone to come in as an external hire and hit the ground running would be rare, especially without P&C experience in Canada.

I don't think there's really any books geared specifically towards insurance in Canada that would stand out as a definitive resource. I think your best resource is probably going to be the Insurance Bureau of Canada's website as a starting point, at least.

 

[questionquest74]

@sovereignone Hi Sir,

I Can't thank you enough for your guidance. Thanks a lot!!

 

[perrin]

@questionquest74 I can help you get into the NA Insurance Industry, I know a few insurance agents.

 

[questionquest74]

@perrin Hi, Please let me know. I would be highly obliged. I am actively looking for a job and can join immediately.